As a buyer, can we back out?

[Bellex917]

I do not want to. But my sellers are pushing my patience. It's been 2+ weeks and they haven't signed the contract to move it to ROFR. Theres several of them on it and I keep getting told it will be signed "today" but today hasn't come. I REALLY want this contract, but if I back out, do I lose the money I put in escrow? Is there a time limit on this, or I just have to wait indefinitely?

 

[aceshigh73]

If they havent even signed the contract yet, you might be able to back out. Im no lawyer, but technically you dont have an agreement yet. I first read your post that they werent signing the closing docs, but they havent even signed the contract yet, Id inquire about my money back from the reseller rep.

 

[Bellex917]

If they havent even signed the contract yet, you might be able to back out. Im no lawyer, but technically you dont have an agreement yet. I first read your post that they werent signing the closing docs, but they havent even signed the contract yet, Id inquire about my money back from the reseller rep.

That was my thought, technically so far I only have a contract with myself LOL.

 

[sethschroeder]

That was my thought, technically so far I only have a contract with myself LOL.

Just tell them to rip it up and see what they say. After ROFR the sellers again have to sign things as well.

 

[Bellex917]

Just tell them to rip it up and see what they say. After ROFR the sellers again have to sign things as well.

That is 100% my concern. If it took two weeks to get them to sign (and still haven't) I'm nervous to do this with them when they have to get to a notary, etc.

 

[Sandisw]

I’d tell them that you are no longer interested and since they have not signed the contract you are exceeding your right to cancel.

You should not lose the deposit.

 

[Bellex917]

I've never been the seller, only the buyer- once we pass ROFR, what do the sellers need to do? They do need to get something notarized, right? I'm trying to decide if this is just a preview of utter incompetence or what.

 

[Sandisw]

I've never been the seller, only the buyer- once we pass ROFR, what do the sellers need to do? They do need to get something notarized, right? I'm trying to decide if this is just a preview of utter incompetence or what.

Yes, they have to do that and if the sellers are not all living in the same city or even state, then each has to do it on their own.

 

[Bellex917]

Yes, they have to do that and if the sellers are not all living in the same city or even state, then each has to do it on their own.

Thank you for this information... that is concerning...

We told ourselves we'd only buy more points right now if our "unicorn contract" came, and this one was it. Exactly what we needed (right use year, resort, right points situation we wanted, and low price) but frankly I don't NEED more points right now so this frustration may not be worth it. I text my agent to confirm I wouldn't be out my escrow... I might tell them tomorrow it's end of day tomorrow or I'm out. I'm really frustrated. They had my end signed and money delivered within minutes. This is ridiculous.

 

[AnnaKristoff2013]

Just remember that there could be a lot of things causing this, other than buyer laziness. You could be dealing with older people and POA’s/dementia, etc. I’m not saying that makes your concerns about closing docs any less valid, but it might not be entirely their “fault” so to speak.

 

[kneely58]

I do not want to. But my sellers are pushing my patience. It's been 2+ weeks and they haven't signed the contract to move it to ROFR. Theres several of them on it and I keep getting told it will be signed "today" but today hasn't come. I REALLY want this contract, but if I back out, do I lose the money I put in escrow? Is there a time limit on this, or I just have to wait indefinitely?

Read your contract. The ones I have entered into with different brokerages said that if both parties haven't signed within either 7 or 14 days then the contract is null and void.

 

[E2ME2]

Thank you for this information... that is concerning...

We told ourselves we'd only buy more points right now if our "unicorn contract" came, and this one was it. Exactly what we needed (right use year, resort, right points situation we wanted, and low price) but frankly I don't NEED more points right now so this frustration may not be worth it. I text my agent to confirm I wouldn't be out my escrow... I might tell them tomorrow it's end of day tomorrow or I'm out. I'm really frustrated. They had my end signed and money delivered within minutes. This is ridiculous.

If you don’t need them “right now”, and it’s your unicorn, you might want to just wait it out. What do you have to risk???

 

[Bellex917]

Just remember that there could be a lot of things causing this, other than buyer laziness. You could be dealing with older people and POA’s/dementia, etc. I’m not saying that makes your concerns about closing docs any less valid, but it might not be entirely their “fault” so to speak.

I totally get this perspective, but there were 3 times in the past two weeks that they told my agent everyone would sign "that day for sure" and it didn't happen. I'd think they have mentioned that someone had a need that required time if it was the case.

 

[Bellex917]

If you don’t need them “right now”, and it’s your unicorn, you might want to just wait it out. What do you have to risk???

I get this perspective too, and it's more so where my husband is. We shall see. I'm giving it through the weekend and then I'll reevaluate.

 

[Dotluvsdisney]

I do not want to. But my sellers are pushing my patience. It's been 2+ weeks and they haven't signed the contract to move it to ROFR. Theres several of them on it and I keep getting told it will be signed "today" but today hasn't come. I REALLY want this contract, but if I back out, do I lose the money I put in escrow? Is there a time limit on this, or I just have to wait indefinitely?

I believe my contract had some deadlines, like if all parties have not signed within X days, you get a refund of your deposit.

 

[supersnoop]

Give them a deadline; "if the contract isn't executed by 5pm on Tuesday, I'm rescinding my offer to purchase."

 

[Bellex917]

Thank you everyone. I guess my threat was all it took- it's signed and entered ROFR.

 

[sndral]

Glad you’re finally in the ride vehicle on the roller coaster that is buying resale .
One thing to seriously consider after you’ve passed ROFR & get your closing doc.s is to sign the doc.s & return them but don’t send the funds until after all your sellers have signed - it’s far worse when you have 5 figures sitting in limbo at the escrow/title co. waiting for sellers to do their part.

 

[RoseGold]

Just remember that there could be a lot of things causing this, other than buyer laziness. You could be dealing with older people and POA’s/dementia, etc. I’m not saying that makes your concerns about closing docs any less valid, but it might not be entirely their “fault” so to speak.

It could be an estate of 14 heirs or a nasty divorce or a bankruptcy trustee or a million other scenarios that makes a seller slow to respond. But listing with a broker and accepting an offer would suggest all of this is in place and ready.

 

[sethschroeder]

It could be an estate of 14 heirs or a nasty divorce or a bankruptcy trustee or a million other scenarios that makes a seller slow to respond. But listing with a broker and accepting an offer would suggest all of this is in place and ready.

All of which are not my issues I would say.

So in the end walk away and don't deal with another headache after ROFR.

Cant imagine with the state of things you can't even find a better deal out there.